Rebuild New Orleans
In the Gulf Coast region there was still a need for large-scale property renovation to take place in response to the Katrina and Rita hurricane devastation. Working with community leaders, APD has taken a comprehensive approach in facilitating large-scale renovation of single-family homes through the development of Rebuild New Orleans. The key component was the establishment of a $4.5 million fund used as a construction completion reserve. The reserve mitigates lender concerns regarding recourse requirements and relieves lenders from the responsibility of construction monitoring and oversight. The efforts included grassroots community outreach, marketing, housing counseling and mortgage readiness preparation through the establishment of a special consumer call center.
This project demonstrated a shared interest with APD, Freddie Mac, Louisiana Housing Finance Agency, City of New Orleans Recovery Office, Neighborhood Housing Services, Enterprise Community Partners, Standard Mortgage, Chase Home Mortgage, and Countywide Home Loans.